Bank Of America Corp (BAC) Financial News - WRAPUP 1-Market rout drives global economy to precipice
Bank Of America Corp (BAC)
WRAPUP 1-Market rout drives global economy to precipice
2011-08-09 06:54:41
Quote: Tue Aug 9, 2011 4:44am EDT
(Clarifies title of Spanish prime minister) * Fear grips Asian markets after Wall Street plunge * China inflation above expectations, headache for central
bank * Obama says S&P action adds urgency to deficit cutting * Pressure mounts on Fed to stimulate U.S. economy * S&P index plunges 6.6 pct, worst since Dec. 1 2008
By Koh Gui Qing and John Chalmers BEIJING/SINGAPORE, Aug 9 (Reuters) - The global economy
edged closer to calamity as stock markets slumped further in
Asia on Tuesday, with investors losing confidence that the
United States and Europe can rein in their debt burdens quickly
and avert a double-dip recession. The worsening market trauma has piled pressure onthe U.S. Federal Reserve to announce fresh measures of support
for the U.S. economy at a policy meeting on Tuesday, but
analysts said its options were limited. "The current situation could be seen as a fast, complete and
unexpected loss of confidence that has been building up over the
past few weeks," BNP Paribas said in a note published as Asian
stock markets swooned, losing between two and seven percent. "Given that the global economic recovery remains fragile,
this fast disappearance of confidence is worrying, which puts us
back in a vicious circle where the market drop feeds pessimism." As of Monday, stock losses had wiped more than $3.8 trillion
from investor wealth globally over eight days and sentinvestors rushing for safety in the Swiss franc, the Japaneseyen and gold. CHINA INFLATION DASHES STIMULUS HOPES As the flight from risk continued in Asia on Tuesday, there
was more bad news, this time from China, the stuttering global...
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Bank Of America Corp Stock Summary
Bank of America Corporation, through its subsidiaries, provides banking and financial services to individuals, small- and middle-market businesses, corporations, and governments primarily in the United States and internationally. The company?s Deposits segment generates savings accounts, money market savings accounts, certificate of deposits and IRAs, and checking accounts; and Global Card Services segment provides the U.S. consumer and business card, consumer lending, international card and debit card services. Its Home Loans & Insurance segment offers fixed and adjustable-rate first-lien mortgage loans for home purchase and refinancing needs, reverse mortgages, home equity lines of credit, and home equity loans, as well as property, casualty, life, disability, and credit insurance. The company?s Global Commercial Banking segment provides commercial loans and commitment facilities, real estate lending, leasing, trade finance, short-term credit, asset-based lending, and indirect consumer loans; and capital management and treasury solutions, such as treasury management, foreign exchange, and short-term investing options. Its Global Banking & Markets segment provides financial products, advisory services, financing, securities clearing, settlement, and custody services; debt and equity underwriting and distribution, merger-related advisory services, and risk management products; and integrated working capital management and treasury solutions. The company?s Global Wealth & Investment Management segment offers advisory services, team-based investment advice and guidance, brokerage services, and wealth management solutions, as well as retirement services. Bank of America Corporation serves customers through a network of approximately 5,900 banking centers and 18,000 automated teller machines. The company was founded in 1874 and is based in Charlotte, North Carolina.
